A huge part of anyone’s financial journey should be saving money. It’s recommended that everyone should have three to six months worth of expenses saved as an emergency fund. This is in case of events like accidents or unemployment, so that you can continue to pay your bills and live decently until you can find employment again. One of the best ways to save money is by organizing your spending into variable and constant price expenses. Variable price expenses are those that vary in cost from month to month, such as groceries or gas. Constant price expenses, on the other hand, are those that are consistently priced, like rent or utilities. To reduce your spending on variable price expenses, look for ways to spend less on things like groceries and transportation. Some strategies you can use include shopping around for lower prices on items you regularly purchase, using coupons or rebate apps when shopping at the grocery store or filling up your tank with gas, and cooking more meals at home instead of eating out all the time. To reduce your spending on constant price expenses, consider downsizing to a home with a smaller housing expense. Another tip would be to keep your current car for longer, which allows you to reduce your debt on the vehicle and keep lower payments. You would also be surprised at how many expenses you can lower just by picking up the phone and negotiating or seeing what options could save you money. Car insurance, phone plans, and even your credit card’s interest rate could be negotiated. Another way to increase your savings is by increasing your income. Looking for higher-paying job opportunities, working a side job, or taking overtime opportunities are some great options to increase the amount of money you have available to save. Many side jobs you could start from your phone, work hours that you set, and receive discount benefits on things like car maintenance. If you have additional time, working a side job may be a great option for you. Having a good savings plan in place is important to your financial wellbeing. If you need assistance finding ways to save, decrease your spending, or increase your income, we would be happy to help. Contact us today to schedule a no obligation consultation. Any opinions are those of Munn Gray & Associates, Inc. and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. Any information provided in this blog is not a complete summary or statement of all available data necessary for making a financial decision and does not constitute a recommendation. Please consult with your financial advisor about your individual situation.